Robert Sarver BLASTS Rangers board for bid rejection

ROBERT SARVER has blasted the Rangers board after ending his bid to bankroll the club.

PUBLISHED: PUBLISHED: 00:05, Tue, Jan 13, 2015

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Robert Sarver wished the club well but was left disappointed by the decision

The American financier’s second offer to buy the stricken outfit was kicked out by Ibrox chiefs.

Sarver, owner of the Phoenix Suns basketball franchise, had tabled £20million for a controlling stake in the Championship club.

The Arizona-based banker, right, would then have spent another £16m to buy out the other shareholders before investing in the club’s future.

But the board rejected the plan after deciding it would not have achieved the necessary 75 per cent shareholder approval.

Rangers directors, however, did not come up with a counter proposal.

Sarver has now made it clear his interest is dead. And he questioned the club’s logic in selling Lewis Macleod to Brentford 24 hours after he made it clear young talent staying was a condition of a deal.

The 54-year-old said: “My first offer was to inject capital into the company on a long-term basis through a share issue. That was £18m that was to go into the club.

“But also, as a part of the conditions for my first offer, I had in it that they couldn’t sell any players.

“Then, the day after I submitted the offer, they sold one of the more promising young players, so that deal was kind of crushed.

I hope for the sake of the club and the fans, who have been very warm and supportive towards me, that it works out

Robert Sarver

“My second offer that I came back with tried to give them more flexibility.

“I agreed to loan £6.5m to help with the short-term cash-flow issues and then give the board discretion to sell me between £16m and £20m of equity as they saw fit so they could minimise the dilution if they wanted.

“Or they could sell me more shares and put more money in the club. But regardless, my plan was to permanently capitalise the club over the next two to three years so it had the best chances to be successful in getting back to being one of the top two teams in the Scottish league.

“I’d have been good for Rangers. I’d have got them back on a firmer financial footing. As a result of the board’s continued failure to provide a counter offer or engage in any meaningful negotiations, I do not now intend to make an offer for Rangers.

“Clearly the current directors have a different path they want to go down.

“I hope for the sake of the club and the fans, who have been very warm and supportive towards me, that it works out.

“I wish the club and fans the best of luck. If they want my support in the future then they only have to ask.”

Unless the board accept another crisis loan from 8.92 per cent stakeholder and commercial partner Mike Ashley, the only viable option now is to strike a deal with the consortium of Douglas Park, above, George Taylor and George Letham.